Stockholm-listed property companies Klövern and Castellum have exchanged ownership of 15 Swedish properties with a total value of €102 mln.
Klövern has acquired nine Castellum properties in Mölndal and Partille, worth SEK 498 mln (€52 mln), and divested all 14 of its assets in Borås, which have an underlying value of SEK 478 mln (€50 mln).
'This swap deal strengthens Klövern's position in the Gothenburg region through strategic acquisitions close to our existing properties,' commented Klövern's CEO Rutger Arnhult.
The properties in Mölndal and Partille, primarily offices, have a total lettable area of around 38,000 m2, and a rental value of SEK 42 mln (€4.4 mln). Four properties are located in Mölndal and five properties are located in Partille, close to Klövern's existing assets in each respective market.
The 14 properties in Borås have a total lettable area of around 81,000 m2 and a rental value of SEK 54 mln (€5.7 mln).
'This exchange transaction is part of our ongoing redistribution towards a higher quality portfolio, adding value through developmental projects and an increased density in clearly defined growth areas,' said Henrik Saxborn, Castellum's CEO. 'We’re now achieving a greater role in the Borås market, which has become even more attractive through qualitative city development, expansion of the university, a steady influx of people and the fact that good and solid transportation channels to and from Gothenburg have been further reinforced,' he concluded.
The transfer of possession will take place on 1 April 2017.
